Alaska Native corporation reports drop in profits

Cook Inlet Region Inc., an Alaska Native regional corporation, reported a drop in profits and revenue in 2007.

CIRI took in $132 million last year, down from $207.9 million in 2006. Profits were $56 million, down from $108.8 million in 2006.

Despite the drop, chief executive Margie Brown said CIRI's businesses actually performed better. The company did so well in 2006 because it sold some of its investments.

CIRI's next big project is a mall in Muldoon. Target, Lowe's, Kohl's, Best Buy and Regal Cinemas plan to open up shop at the Tikahtnu Commons once it's complete.

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CIRI's profit falls, net worth grows in '07 (The Anchorage Daily News 4/22)